For Immediate Release March 14, 2007

For more information: Joy Lutes 703-362-0150

Department of the Air Force Selects Clark Realty for Housing Redevelopment

AMC East Privatization is First Venture Between the Air Force and Clark

BETHESDA, Md. - After a highly competitive process, the Department of the Air Force has selected Clark Realty, a national real estate development and construction firm headquartered in Bethesda, Md, to enter into exclusive negotiations for the AMC East Military Housing Privatization project, a 50-year public-private venture between Clark and the Air Force that will improve existing residential communities at Andrews Air Force Base in Maryland and MacDill Air Force Base in Florida. 

Under the AMC East Housing Privatization, Clark will finance, plan, design and construct improvements at each base, as well as own and operate the rental housing for 50 years.  Clark plans to revitalize communities by providing stately, comfortable homes for officers and enlisted families, as well as neighborhood amenities common in the most exclusive neighborhoods throughout the Washington D.C. and South Tampa regions. 

"Throughout our design process, we focused on creating homes and neighborhood amenities that met the needs of Air Force families," said Sean Callahan, development executive with Clark.  "Our design team also visited desirable neighborhoods throughout the DC and Tampa regions, such as the Mount Vernon area in Alexandria and Hyde Park in South Tampa, to better understand and incorporate architectural and landscape features that would create vibrant places that our residents would enjoy."
 
The project will be designed by Torti Gallas and Partners, a national, award-winning planning and architectural firm that has designed over 300,000 residential units across the country.  Interstate Realty Management, one of the nation's largest property managers with offices in the DC and Tampa regions, will provide management and maintenance services. 

The AMC East Housing Privatization is made possible by the Air Force's Housing Privatization, which was established by the Military Housing Privatization Initiative in 1996.  Through this act, military bases may leverage the development, management, and capital markets expertise of the private sector to create first-class communities for military families with minimal tax-payer investment.  Jones Lang LaSalle, a global real estate advisory services firm, will represent the Air Force in negotiations with Clark.

"We are honored to have this opportunity to serve the military families at Andrews and MacDill," said Callahan.  "We have a long track record of improving quality of life for the Army, Navy, and Marines, and look forward to continuing this tradition for our nation's Air Force families."

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About Clark Realty

The Army, Navy, and Marines have employed the development and construction experience of Clark Realty at ten military installations throughout the United States.  Clark Realty is currently developing and building housing at Marine Corps Base Quantico, Fort Belvoir, Naval Complex San Diego, the Presidio of Monterey Army Base, Fort Benning, and several other installations throughout the United States. 

The AMC East project will be Clark Realty's first project for the United States Air Force.  Upon completion of its military projects, Clark Realty will have built or renovated nearly 25,000 homes with a development value in excess of $4.5 billion.  For more information, visit www.clarkrealty.com.

About the Air Force Military Housing Privatization Initiative

Today, more than 38 percent of Air Force Family Housing does not meet modern standards and requires either major improvement or replacement. The MHPI Initiative, incorporated in the 1996 National Defense Authorization Act, allows the Air Force to use privately financed and built housing, constructed to market standards. The Department of Defense (DoD) has tasked the Air Force to upgrade all required inadequate housing by Fiscal Year (FY) 2007. To accomplish this mandate, the Air Force has launched an aggressive program to revitalize all Military Housing units through a combination of traditional military construction and privatization.

The Air Force has scheduled 38 housing projects for privatization, which will include up to 32,000 housing units throughout the United States at a cost of approximately $4 billion.

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